Perry Plaza in Princeton is going back on the market

PRINCETON — After being given the deed to Perry Plaza last summer, the city of Princeton has decided it has no use for the building and the long-term maintenance on it is not worth it.

Therefore, the property, located at 526 Bureau Valley Parkway, is going back on the market.

The Princeton City Council voted in favor of the sale during Monday’s’ council meeting. Request for proposals will be printed in Saturday’s edition. RFPs will be due at noon March 19.

Last August, during discussions with OSF HealthCare, the Perry Memorial Hospital board voted to transfer ownership of the building to the city after OSF determined it had no use for it. The city was to liquidate assets of Perry Plaza into an escrow account for the hospital to pay for closing costs and possible liabilities during the OSF takeover.

Before the transfer of ownership, the hospital had tried selling Perry Plaza for 18 months prior to handing over the deed to the city.

According to the city’s resolution authorizing the sale, an appraiser has determined the value of the building to be $460,000.

Perry Plaza is approximately 38,560 square feet and is currently home to four existing tenants. The property is zoned B-2 for commercial uses.